AUTOMATIC PAYMENT DEDUCTION
Incorrect HRA or deduction claims? How Section 270AA may offer relief from 200% penalty
Incorrect tax claims may expose taxpayers to a 200% penalty for misreporting and prosecution in appropriate cases. Section 270AA offers conditional relief upon prescribed payments. For indefensible claims, this route may be preferable to litigation, subject to eligibility.
Budget 2027–28: ASSOCHAM calls for tax reforms to boost investment, manufacturing, ease of doing business and tax certainty
ASSOCHAM has called for a series of Direct and Indirect Tax reforms in the Union Budget 2027–28 to boost investment, strengthen domestic manufacturing, attract foreign capital and improve ease of doing business.
No more land acquisition for toll plazas: Future highway tolls to collect tolls from moving vehicles through overhead cameras, eliminating the need to build physical toll booths
NHAI has made Multi-Lane Free Flow tolling mandatory for all future National Highway projects, including eligible ongoing construction. The new system will use overhead gantries, FASTag readers and number plate recognition cameras instead of conventional toll booths. Toll plazas will have up to eight tolling lanes, reducing land requirements and vehicle queues.
No job or regular income? Husband cannot avoid wife’s maintenance, says Allahabad HC
The Allahabad High Court has delivered a landmark decision affirming that a husband's assertion of being unemployed does not absolve him of his duty to provide maintenance. By upholding the monthly payment directive, the court highlighted the importance of a spouse's financial capacity in relation to the needs of the wife.
Trump administration student debt collection: Five ways borrowers can protect their paychecks from federal garnishment
Millions of Americans struggling with student loan debt may soon face renewed collection efforts from federal agencies. The Education Department is reportedly preparing to restart collection activities, potentially involving private debt collectors. Borrowers in default still have options to challenge collections, seek relief, or restore their loans to good standing. Possible approaches include hardship hearings, bankruptcy, and rehabilitation programs.
UK employees receiving per diem payments must separately disclose them if they cross HMRC-specified limits; Know what employees should do
In the UK, employees receiving per diem must be mindful of reporting amounts that exceed HMRC limits, as these payments are taxable income under UK law. Those who face expenses while at temporary jobs can benefit from tax relief, subject to defined limits. It's crucial to report accurately to prevent issues with tax authorities, with obligations varying by residential status and relevant treaties.
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Rs 1.79 lakh US tax credit under India-US DTAA denied over late Form 67 filing; ITAT Bangalore rules in man’s favour
An Indian taxpayer from Bangalore faced a setback when his foreign tax credit was denied due to late submission of Form 67. However, the ITAT clarified that such delays shouldn't negate the entitlement to foreign tax credits. This pivotal decision, which takes into consideration recent legal interpretations on procedural mistakes, will now be forwarded to the Assessing Officer to reassess the claim.
Social Security COLA 2027: When will the 3.6% increase start showing up in payments, and what should retirees watch for?
The Social Security Administration (SSA) has officially announced a 3.6% Cost-of-Living Adjustment (COLA) for 2027. This adjustment is designed to help nearly 72 million Americans keep pace with persistent inflation and maintain their purchasing power. While the new COLA rate takes effect with the December 2026 benefit period, the actual increased dollars will land in bank accounts and mailboxes between late December 2026 and late January 2027, depending on the program and birth date.
Social Security COLA 2027: Could your bigger check affect medicare savings or extra help?
A higher Social Security payment in 2027 may bring relief, but some retirees worry about losing Medicare assistance. A COLA increase can affect income calculations for programs such as Medicare Savings Programs and Extra Help. Still, a bigger check doesn't automatically end eligibility. Updated income limits, state rules and individual circumstances will determine whether beneficiaries continue receiving support for premiums and prescription drug costs.
IRS is not sending $4,427 payments right now: When eligible taxpayers can claim the 2026 EITC
The IRS has set the maximum Earned Income Tax Credit at $4,427 for 2026 for eligible workers with one qualifying child. The IRS set these amounts for tax year 2026, and the returns for that year are filed in 2027. The money isn’t a stimulus check or a separate payout. You get it by filing a tax return after the year ends.
Social Security COLA 2027: Will retirees get $75 more per month?
Social Security 2027 COLA could increase monthly retirement checks by about $75, according to AARP’s 3.6% forecast. Find out when the official adjustment will be announced, how the increase is calculated and when retirees could receive higher payments in 2027.
Social Security 2027 COLA set to be announced tomorrow, October 14: Here are 10 things Americans need to know
Social Security benefit increase October 14: Social Security’s 2027 COLA announcement is expected on October 14. Here are 10 key points about the projected 3.5% benefit increase, inflation data, and potential Medicare cost changes that could affect beneficiaries in 2027.
VRS offer in hand? Check these tax rules before you accept the package
Contemplating a Voluntary Retirement Scheme (VRS)? Prior to making your decision, it’s crucial to analyze the overall financial implications, including taxation aspects and the treatment of different package components. Be clear on the eligibility for tax breaks and ensure that your financial security after retirement is adequately planned.
Your student loan could disappear, then the IRS Bill arrives: What changed in 2026?
A report by Protect Borrowers estimates that between 2 million and 3 million Americans could face federal tax bills over the next decade. The report also gives examples of how families could be affected. Some households could face additional taxes and lose tax credits worth a combined $6,000 to nearly $12,000.
A simple accounting trick used by companies to manipulate net profit and take investors for a ride
A company may report profits for years, only to reveal later that some figures were wrong. Accounting rules require companies to correct mistakes from earlier years, but how they do so can change the picture of their profitability. Sometimes, old losses are recorded years later or kept outside regular profits. Therefore it becomes imperative for investors to understand how past accounting errors are corrected, how the process can be misused, and what they should watch for.
Facing a 7% Mortgage? Here's how family loans could help buyers avoid high mortgage interest and unlock valuable tax savings
Mortgage rates are stuck above 7%. Waiting sounds smart, but rising home prices could quickly erase any rate savings. That is why some families are taking matters into their own hands. Parents lend money directly to their kids. Buyers get lower payments, parents earn interest, and both cut tax bills.
Compensation of Rs 100 to Rs 5,000 per day for delay by bank in processing your request in these 5 situations
From stuck credit card closure requests to lost property papers, RBI rules require banks to pay you for every day they're late. A customer earlier this year won Rs 3.21 lakh for a delayed credit card closure. Here are 5 situations where the clock ticks in your favour, with compensation ranging from Rs 100 to Rs 5,000 a day.
Think your Roth IRA lowers your taxes this year? It doesn't, because contributions aren't deductible, and here is who should use it now
Many small business owners fund a Roth IRA expecting an immediate tax break. That calculation is flawed. Roth IRAs run on after-tax income. Putting money into one does absolutely nothing to lower your current taxable income. A traditional 401(k) or traditional IRA drops your adjusted gross income immediately. A Roth IRA locks in your current tax rate in exchange for tax-free withdrawals decades later. Business owners projecting higher tax brackets in the future are the primary beneficiaries of the Roth structure.
Homeowners, read this first: Mortgage interest and property taxes only help in 2026 if you itemize, and many are better off skipping it
Homeowners may want to look twice before claiming mortgage interest and property taxes as tax breaks in 2026. Those expenses help only when itemized deductions beat the standard deduction. For many taxpayers, they will not. Retirement contributions, HSAs, charitable giving and newer deductions may offer better opportunities, depending on income, age and filing status. The right choice comes down to the numbers.
EPF wage ceiling at Rs 25,000: What it means for employees, employers and take-home pay
The Union Cabinet approved raising the EPF wage ceiling to Rs 25,000. This change impacts mandatory PF contributions for employers and employees. Actual PF contributions depend on an employee's defined wage structure. Employers must bear their increased PF share as a statutory cost. This enhancement aims to strengthen long-term retirement savings and social security.
Missed ITR deadline and TDS refund is due? Know how to claim your refund before it’s too late
Missed the ITR filing deadline? Don't panic! You might still claim your TDS refund. Learn about filing belated returns, potential fees, interest, and the crucial condonation process if even that window has passed. Understand the implications for carry-forward losses and deductions. Avoid common mistakes to ensure your refund is processed smoothly.
Rs 12,000 iPhone EMI, Rs 16,500 Mumbai rent: 25-year-old Mumbai founder reveals the real cost of living independently in the city
A 25-year-old Mumbai founder, Jahnvi Shah, has shared her monthly expense breakdown in an Instagram video, revealing regular spending of around Rs 52,000. Her costs include Rs 16,500 for rent, Rs 12,000 for an iPhone EMI, Rs 8,000-Rs 10,000 on groceries and food delivery, up to Rs 6,000 on commuting, and other utility and subscription expenses. She said the amount does not include savings, shopping, travel, eating out or unexpected costs.
UPI charges from October 15: FAQs on who will pay 0.4% MDR and what consumers, small vendors & large merchants need to know
UPI Payment: UPI transactions of up to Rs 2,000 will continue to be free for users. A new Merchant Discount Rate (MDR) will be introduced for certain merchant transactions above Rs 2,000. The revised framework is aimed at supporting investments in UPI infrastructure, innovation and cybersecurity. Most person-to-merchant (P2M) transactions are expected to remain unaffected. The new provisions will come into effect from October 15, 2026.
Can your landlord refuse to return your security deposit without any damage? Know your rights as a tenant
Worried about your security deposit? Landlords can't keep it for normal wear and tear or upgrades. Learn what legitimate deductions are, when you should get your money back, and your legal options if your landlord unfairly withholds it. Protect yourself with proper documentation before you move out.
UPI Charges Explained: Will you pay a fee for Rs 2,000+ UPI payments? Government clarifies what users need to know
UPI Payment Charges Rules: Ordinary UPI users will not pay transaction fees for payments above Rs 2,000. Person-to-person UPI transactions will remain completely free, regardless of the amount transferred. Payments to merchants up to Rs 2,000 will also continue to be free of charge. A zero-MDR framework will protect eligible small merchants from the new charges. These updated provisions will take effect from October 15, 2026.
FASTag users can now switch banks without changing tag as Nitin Gadkari launches OneTag
In a significant move for drivers, the Union Minister Nitin Gadkari has unveiled the OneTag system that allows motorists to conveniently change their FASTag issuing banks without needing new physical tags. Users can maintain their current tag and vehicle registration during this transition, which will be managed through the Rajmargyatra mobile application. This initiative aims to make the process more user-friendly and cut down on the production of new tags.
'Rs 15 lakh car is not really a Rs 15 lakh decision': CA shares a financial checklist most buyers skip
CA Nitin Kaushik says buying a car requires looking beyond the sticker price and EMI. Buyers should calculate the on-road cost, down payment, insurance, fuel, maintenance and total loan interest. He advises comparing loan and insurance options, protecting emergency savings and stress-testing affordability. A bank-approved car may still strain finances, so the right choice should not compromise other financial goals.
Bengaluru flat security deposit is 'volunteered robbery': Landlord's surprise deductions leave tenant with just Rs 7,500 out of Rs 40,000 advance
A Bengaluru tenant’s Reddit post has sparked a debate over rental deposits after he claimed that his Rs 40,000 advance was reduced to just Rs 7,500 following deductions for rent, painting, cleaning, maintenance and electricity. The tenant said some of the charges were not part of his rental agreement and called paying rental advances “volunteered robbery”.
UK to raise student visa maintenance requirement from November 2026
The UK will raise the financial requirement for international students from November 30. Applicants studying in London will need to show up to £14,130 for nine months of living costs, while those outside London will need £10,827, excluding tuition and other visa-related costs.
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